Bank announces Financial Results for quarter/year ended, 31st March 2023.
As per revised RBI directives all our Locker-holders are requested to visit Bank of Baroda, Base Branch.
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A Depository like NSDL (National Securities Depository Limited) or CDSL (Central Depository Services Limited) provides its services to investors through its agents called Depository Participants (DPs). These agents are appointed by NSDL & CDSL with the approval of SEBI. According to SEBI regulations, amongst others, three categories of entities i.e. Banks, Financial Institutions and Members of Stock Exchanges registered with SEBI (brokers) can become DPs. You can get a list of DPs from NSDL's or CDSL's office.
Our Bank has now centralised DP operations (both for CDSL as well as NSDL) besides existing DPs, which are being planned to be migrated to central set-up in a phased manner. The Central Back-Office DP Operations (CBODPO) is at UTI Tower, Bandra Kurla Complex, Mumbai.
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No. There are no restrictions on the number of DPs you can open accounts with or the number of accounts you can open with a DP. Depository accounts are similar to bank accounts. Just as you can have savings or current accounts with more than one bank, you can open accounts with more than one DP.
Yes. Since in the depository system monetary benefits on your security balances are paid as per the bank account details provided by you at the time of account opening, you must ensure that any subsequent change in bank account details is informed to your depository participant.
No. The demat account must be opened in the same ownership pattern in which the securities are held in the physical form. E.g.: if one share-certificate is in your individual name and another certificate is jointly held in your and your wife's name, two different accounts would have to be opened.
Yes. You can open more than one account with the same DP. There is no restriction on the number of accounts you can open with a DP.
You can select your DP to open a demat account just like you select a bank for opening a savings account. Some of the important factors for the selection of a DP can be:
Convenience: Proximity to the office/residence, business hours.
Comfort:Reputation of the DP, past association with the organisation, whether the DP is in a position to give the specific service you may need.
Cost: The service charges levied by DP and the service standards-
In this case, you may open only one account with husband and wife as the account holders and lodge the security certificates with different order of names for dematerialisation in the same account. You will fill up an additional form called the "Transposition cum Demat" form. This would help you to effect change in the order of names as well as dematerialise the securities.
You can approach any DP of your choice and fill up an account opening form. At the time of opening an account, you have to sign an agreement with DP in an NSDL prescribed standard agreement, which details your and your DP’s rights and duties. All investors have to submit the following proof of identity and proof of addresses along with the prescribed account opening form.
Proof of Identity:Your signature and photograph must be authenticated by an existing demat account holder with the same DP or by your bank. Alternatively, you can submit a copy of your Passport, Voters ID Card, Driving License or PAN Card with photograph.
Proof of Address:You can submit a copy of your Passport, Voters ID Card, Driving License or PAN Card with photograph, ration card or bank passbook as proof of address.
Passport-size photograph: You must remember to take original documents to the DP for verification.
You should remember to obtain a copy of the agreement and schedule of charges for your future reference.
It is for the protection of your interest. Your bank account number will be mentioned on the interest or dividend warrant you are entitled to so that such warrant cannot be encashed by anyone else. Further, a DP cannot open the account if the bank account number is not given.
In a bank account, credit to the account is given only when a 'paying in' slip is submitted together with cash/cheque. Similarly, in a depository account 'receipt in' form has to be submitted to receive securities in the account. However, for the convenience of the investors, the facility of 'standing instruction' is given. If you say 'yes' (or tick) for standing instruction, you need not submit a 'receipt in' slip every time you buy securities.
Yes. You can submit an account closure request to your DP in a prescribed form. Your DP will transfer all your securities, as per your instruction, and close your demat account.
No. The demat account cannot be operated on an ‘either or survivor’ basis like the bank account.
Since 99.5 % of the settlement at the stock exchanges is taking place in the demat form, an investor buying securities would receive the securities in demat form only. Therefore, investors who actively buy and sell securities need to open a depository account to receive delivery of demat securities.
In case your address is changed, you only need to inform the new address to your DP(s). When DP enters the new address in the depository computer system, it will be automatically conveyed to all companies in which you hold shares.
The benefits of participation in a depository are:
Immediate transfer of securities;
No stamp duty on transfer of securities;
NSDL charges the DPs and not the investors. NSDL's charges to its DPs are fixed. However, the DP is free to charge its client for the services offered. The charges that DP will be charging you for various services are mentioned in the schedule of charges, which forms a part of the account opening agreement. You may keep a copy of this for your future reference. You can get the details of the charges from the DPs. You can also get a comparative list of DP charges from NSDL's office or the NSDL website.
Your DP may change charges by giving you 30 days’ notice in advance notice.
The charges would be as per the schedule of charges agreed by you at the time of account opening or any subsequent changes therein.
NSDL is allowing waiver of charges to DPs where all the securities in an account are moved to another account with another DP due to account closure, if account name remains the same. NSDL allows waiver of its charges for cases where NSDL charges to the DP are more than Rs. 100. Your DP may pass on this benefit to you.
A depository can be compared to a bank. A depository holds securities (like shares, debentures, bonds, Government Securities, units, etc.) of investors in electronic form. Besides holding securities, a depository also provides services related to transactions in securities.
Bank depository: An Analogy
A depository interface with the investors through its agents called Depository Participants (DPs). If an investor wants to avail the services offered by the depository, the investor has to open an account with a DP. This is similar to opening an account with any branch of a bank in order to utilise the bank's services.
Our Bank has now centralised DP operations (both for CDSL as well as NSDL) besides existing DPs, which are being planned to be migrated to central set-up in a phased manner. The central back-office DP Operations (CBODPO) is at UTI Tower, Bandra Kurla Complex, Mumbai.
Our Identified CBS Branches can now open & operate demat accounts, if they are linked to Central Back Office DP Operations (CBODPO) of the Bank situated at UTI Tower, Bandra Kurla Complex, Bandra (East), Mumbai
A depository offers the following facilities:
An Indian citizen who stays abroad for employment/carrying on business or vocation outside India, or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in the UN organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non-resident Indian citizens (NRIs).
For the purposes of availing the facilities of opening and maintenance of bank accounts and investments in shares/securities in India:
A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian origin, if,
Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian Origin, or nationality resident outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality, or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them, and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs so long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%.
Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/trust is required to furnish a certificate from an overseas auditor/chartered accountant/certified public accountant in form OAC, where the ownership/beneficial interest is directly held by NRIs and further that such ownership interest is actually held by them and not in the capacity as nominees.
NRIs/OCBs are granted the following facilities:
Yes. In fact, pledging dematerialised securities is easier and more advantageous as compared to pledging physical securities.
The procedure is as follows:
After you have repaid your loan, you can request for a closure of the pledge by instructing your DP in a prescribed format. The pledgee, on receiving the repayment, will instruct his DP accordingly for the closure of the pledge.
Yes. The pledgee can have an account with a different depository participant of NSDL.
Yes; if the pledgee agrees, you may change the securities offered in a pledge.
The securities pledged are only blocked in the account of the pledgor in favour of the pledgee. The pledgor would continue to receive all the corporate benefits.
NRI can open a demat account with any Depository Participant. The NRI needs to mention the type ('NRI' as compared to 'Resident') and the sub-type ('Repatriable' or 'Non-Repatriable') in the account opening form collected from the Depository Participant.
No permission is required from RBI to open a demat account. Holding securities in demat only constitutes change in form and does not need any special permission.
NRI can open a demat account with any of our identified branches for opening a demat account. The NRI needs to mention the type ('NRI' as compared to 'Resident') and the sub-type ('Repatriable' or 'Non-Repatriable') in the account opening form collected from the depository participant
No special permission is required. Holding securities in demat only constitutes a change in form and does not need any special permission. Permission is taken (where required) at the time of acquiring the securities is adequate.
No. An NRI must open separate demat accounts for holding repatriable and non-repatriable securities.
As per FEMA rules, NRIs must regularise his/her holdings to reflect a change of status- in this case, bring them to 'Non-Resident' status. For this, NRI must submit (if not already submitted to the issuing company earlier) a letter addressed to the issuing company along with the demat request form stating a change of status and giving details of foreign address.
On becoming an NRI, a new depository account with appropriate NRI status is to be opened and all the balances held in account with 'Resident' status should be transferred to the account with NRI status & securities, held under this account will be treated on non-repatriable basis.
On becoming a resident, a new depository account with appropriate status - 'Resident' in this case, is to be opened and all the balances held in account with 'Non-Resident' status should be transferred to 'Resident' status.
The issuing company is required to issue shares to NRIs on the basis of specific or general permission from Government of India/RBI. Therefore, individual NRI need not obtain any permission.
Purchases made in the secondary market are investments under Portfolio Investment Scheme. Permission to buy in the market is given by authorised dealers under the Portfolio Investment Scheme on a repatriable/non-repatriable basis. The said permission is a one-time general permission.
Yes. For the purpose of determining ownership of holding, the first holder is taken into account. Hence, even though other joint holders may be people resident in India, the sale proceeds of such securities can be repatriated in case the first holder is permitted to repatriate funds.
From NRI to NRI- No permission from person resident- No permission outside India to person resident in India (Gift) from person resident in- Application to RBI India to person resident by transferor outside India (Gift) From person resident in - Approval from GoI India to person resident and then RBI, if the outside India (Sale) acquisation is on repatriable basis. But if acquisation is on non-repatriable basis, approval only From person resident - RBI Permission outside India to person through form Ts1 resident in India (Sale).
The bank details recorded by the Depository Participant may be used by the issuer of securities to directly credit the dividend or interest. The following bank accounts may be given:
For non-repatriable: NRO (dividend/interest is repatriable)- NRSR (dividend/interest is not repatriable)
For repatriable: NRE.
Nomination can be made only by individuals holding beneficiary accounts either singly or jointly non-individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family, holder of power of attorney cannot nominate.
Yes. Nomination is permitted for accounts with joint holders. But, in case of death of any of the joint holders, the securities will be transmitted to the surviving holder(s). Only in the event of the death of all the joint holders, the securities will be transmitted to the nominee.
Yes, NRI can nominate directly. But, the power of attorney holder cannot nominate on behalf of NRI.
No, a minor cannot nominate either directly or through its guardian
Only an individual can be a nominee. A nominee shall not be a society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family or a power of attorney holder.
No, at present only one nomination can be made for one demat account.